Most Swiss Stocks Advance on China Industrial Output Data
Most Swiss stocks advanced days as Chinese industrial production exceeded economists’ forecasts.
The Swiss Market Index (SMI) added 0.2 percent to 7,967.98 at 10:49 a.m. in Zurich, as two shares advanced for each one that fell. Gains were limited as a report showed French industrial production unexpectedly dropped in June and Federal Reserve Bank of Dallas President Richard Fisher told the Handelsblatt newspaper that the U.S. central bank should start tapering its bond purchases next month if economic data doesn’t deteriorate.
“Chinese data is counterbalanced this morning by weak manufacturing data from France and talk of further tapering from Fed President Richard Fisher,” Ion-Marc Valahu, co-founder and fund manager at Clairinvest in Geneva, wrote in an e-mail. “So far this morning, the markets are brushing these warning signs aside.”
The SMI is little changed this week, bringing its 2013 rally to 17 percent. The broader Swiss Performance Index gained 0.2 percent today.
China’s industrial output rose 9.7 percent last month from a year earlier, according to data from the National Bureau of Statistics, topping the 8.9 percent median forecast of economists in a Bloomberg survey. The nation’s retail sales advanced 13.2 percent.
Transocean jumped 2.5 percent to 45.16 Swiss francs, snapping a three-day decline, as S&P Capital IQ upgraded the stock to buy from hold.
Swisscom, Switzerland’s biggest phone company, advanced 1 percent to 428.20 francs.
Addex Therapeutics Ltd. (ADXN) gained 2.3 percent to 3.14 francs after the biotechnology company raised 3.2 million francs selling shares to institutional investors.
“These funds have extended our cash runway through 2014, taking us beyond our next significant clinical event, the reporting of Phase 2 ADX71149 anxious depression data which is expected in the first half of the year,” Chief Executive Officer Tim Dyer wrote in a a statement today.
The volume of shares changing hands in SMI-listed companies was 17 percent greater than the average of the last 30 days, according to data compiled by Bloomberg.
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